BGL partners with Skript to connect clients to Open Banking
BGL Corporate Solutions (BGL), Australia’s leading provider of company compliance, self-managed superannuation fund (SMSF), investment management and AI powered paper-to-data solutions, has announced its strategic partnership with Open Banking intermediary, Skript.
Open banking, driven by the Australian Government’s Consumer Data Right (CDR) initiative, empowers individuals and businesses to have greater control and transparency over their financial data. CDR data recipients are accredited by the Australian Competition and Consumer Commission (ACCC).
“We are excited to announce our partnership with Skript,” said BGL’s Managing Director Ron Lesh. “This collaboration will connect Simple Fund 360 and Simple Invest 360 clients to the world of Open Banking and represents a significant leap forward in how BGL handles bank data feeds. It will enhance security, data quality and most importantly, the overall experience for our clients and their customers.”
Skript is an Australian-owned and operated business with extensive experience in banking, data, and payment services. Skript develops simple and accessible solutions that connect businesses to the world of Open Banking.
Eric Tsang, CEO and Co-founder of Skript, said: “Skript’s partnership with BGL will transform the landscape of bank data feeds and give Australian businesses and consumers enhancedsecurity and better quality data. With over a decade of experience in providing bank data, we are well and truly at the forefront of driving systemic adoption of Open Banking in Australia.”
Jeevan Tokhi, Head of Simple Fund 360 at BGL, said: “Open Banking allows individuals to share their banking data with third parties, such as Skript, that have been accredited by the ACCC. Account Holders such as SMSF Trustees who sign up to share their data through Skript can manage how Skript collects, uses, and discloses their data and withdraw their consent at any time. The setup process takes less than 2 minutes.”
“The integration between BGL and Skript will collect data from all Australian banks for transaction accounts, term deposits, loans and credit cards and feed it into Simple Fund 360 and Simple Invest 360. All banks will provide historical data and include open and closed accounts,” continued Tokhi.
“The BGL and Skript integration will replace the need for individual data feeds to be set up for every account, streamlining and simplifying the sharing of bank data for SMSF Trustees and the collection of bank data for accountants or administrators. SMSF Trustees can authorise all of their accounts for multiple banks in one process without the need for paper authority forms.” BGL’s free and open API is used extensively across the industry with 350+ data feed and integration partners in the BGL Ecosystem, delivering a holistic experience to BGL clients.
